Eight hydrocarbon fields re-auctioned

The State Service of Geology and Subsoil of Ukraine put up eight hydrocarbon fields for sale, which were not auctioned due to the lack of applications for participation, the press service said.

Lots were reoffered at a discount of 50% of the initial cost, the next auction will be held in a month.

“We note that all eight objects were nominated by the subsoil users themselves three months ago, however, the unfavorable market conditions, as well as the ratio of the quality of the investment proposal and the risk level for each of the proposed areas, led to the fact that the number of people wishing to participate in the auction was insufficient to conduct it,” it was noted in the company.

These fields are being put up for auction for the third time since 2019, now they are put up for re-auction according to the standard procedure.

Roman Opimakh, head of the State Service of Geology and Subsoil, recalled that according to the standard program of work, the winner of the auction must conduct seismic surveys and drill at least one commercial well within the first three years.

Tags: The Cabinet of Ministers, gas, oil, hydrocarbon production, legislation, NEURC, gas production, добыча нефти, drilling, Public Service of Geology and Subsoil of Ukraine, Opimakh, Gas market, investors, price, route, volumes, oil products, well, field, auctions, energy sector, natural gas, oil companies, Buslavets, The Ministry of Energy, economy, market, oil and gas industry, oil production, gas production, gas transmission system

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